How Do IoT Devices and AI Work Together?

IoT technology is constantly connected to the internet, continuously exchanging data with a remote server and other local nodes in real time. These devices are often called “smart” because you can connect to them from an app or a dashboard, regardless of location.

Several types of IoT devices exist, each with its own benefits and use cases. For instance, internet-connected sensors can collect data on everything from vibrations to temperature, so placing them in-store is strategic. Wearables are better for tracking or monitoring because they follow customers around.

“AI can scale with your business needs, handling as many customers at once as you need it to.” 

When deployed at the network’s edge — meaning near the data source — IoT technology struggles. The infrastructure simply doesn’t have enough computing resources or processing power to analyze the information it collects efficiently. This is where AI comes in.

Since AI rapidly processes massive datasets in real time, integrating it into IoT devices — especially those at the edge — significantly lowers latency and improves processing speeds. Whether you select a machine learning, natural language processing or large language model affects the specifics.

Having said that, every model can handle a high volume of interactions, meaning it can hold multiple conversations or process numerous data sources simultaneously. It can scale with your business needs, handling as many customers at once as you need it to.

Why Is a Personalized Customer Experience Important?

About 55% of business owners who have deployed AI say they use it for personalization, which shows how important they consider it. With digitalization on the rise, more organizations are considering it a priority. All indicators suggest a one-size-fits-all solution is quickly becoming a thing of the past.

Customer demand has shifted and the path forward is clear — people expect a personalized experience relevant to their wants and needs. Regardless of your industry, you should prioritize segmenting them into groups and tailoring your services to meet their needs better.

People know they leave digital footprints behind whenever they interact with phones, smart devices, computers or point-of-sale machines. The unspoken agreement is you get to leverage all this personal data for free in exchange for improving the customer experience.

Generally, consumers think highly of brands that meet their expectations, resulting in increased satisfaction, loyalty and sales. According to one survey, 63% of marketing professionals agree an increased conversion rate is the main benefit of personalization. You could grow your revenue and gain a competitive edge this way.

“You can use this technology’s data-driven insights to customize customers’ in-store experience.” 

How to Use the IoT and AI for Personalization

No matter what your goals are, data collection should be your first step. Using sensors, you can gather information on lighting, touch, proximity and motion, enabling you to monitor foot traffic or your occupancy rate. Wearables can reveal specific details about customers’ locations, visit frequency and loyalty. 

At first, the information you collect will be unstructured and challenging to manage. Fortunately, AI can automatically clean, transform and analyze it. You can use its data-driven insights to customize customers’ in-store experience by dynamically adjusting the lighting, music or layout.

Feeding the sensor and wearable datasets into your machine-learning model can help you personalize omnichannel experiences. For example, knowing someone’s typical hours and visit frequency lets you determine the best time to send promotions. These insights can help you digitally communicate, recommend products or advertise.

Imagine you use some combination of IoT wearables, sensors and devices to figure out that one person only ever shops on Wednesday and typically goes straight to the sales rack. Using a decision tree — or another relevant data science technique — you can make an informed guess about their workweek and habits.

Once you narrow down the specifics of their buying behaviors, schedule and unmet needs, you can act accordingly. In this case, offering an in-app sale on Wednesday just for them could encourage them to make more purchases, increasing your revenue.

“Overpersonalization can make people feel like your data collection practices are too intrusive.” 

Considerations for Personalizing Customer Experiences

You should consider privacy and data security to ensure personalizing customer experiences grows revenue, improves brand loyalty and increases conversions. While today’s consumers expect you to tailor your offerings, services and advertisements for them, they don’t want you to know them too well.

Overpersonalization can make people feel like your data collection practices are too intrusive or invasive, alienating them. Remember — you need the big picture, not specific details. Knowing their names, birthdays, product preferences, dislikes and demographics should be enough.

Besides privacy, security is one of the most significant considerations. Securing your information storage systems is essential when collecting so many identifiable data points. This way, you can defend against cyberattacks and hackers, preventing sensitive datasets from being exfiltrated or compromised.

Improving Business With an IoT and AI Integration

Integrating AI into IoT technology can improve business outcomes, helping you stabilize revenue in competitive markets and uncertain times. As long as you consider privacy and data security considerations, your strategy should be successful.

Also Read 10 IoT Devices Transforming Inventory Control in Businesses

The post How to Personalize Customer Experiences Using IoT Data and AI appeared first on AiiotTalk - Artificial Intelligence | Robotics | Technology.

1. RFID Tags and Readers for Enhanced Tracking

RFID (radio frequency identification) tags and readers are fundamental IoT devices for inventory management. They allow for real-time tracking of products throughout the supply chain, from manufacturing to delivery. Attaching RFID tags to items lets businesses automatically monitor their location and status. 

2. IoT-Enabled Forklifts for Improved Warehouse Operations

IoT-enabled forklifts come with sensors and GPS technology, allowing for real-time tracking of their movements and usage. These forklifts can optimize routes within warehouses, improving efficiency and reducing fuel consumption. Additionally, they can provide data on equipment usage, helping to plan maintenance and avoid downtime.

“IoT-enabled forklifts come with sensors and GPS technology, allowing for real-time tracking of their movements and usage.” 

3. Drones for Efficient Inventory Audits

Drones are increasingly being used for inventory audits in large warehouses. They’re equipped with cameras and RFID readers and can quickly and accurately scan inventory. This reduces the time and labor required for manual checks and expediting project completion compared to traditional construction methods. Additionally, this innovation speeds up the auditing process and minimizes human errors.

4. Smart Cameras for Advanced Security and Analytics

Smart cameras with AI and machine learning capabilities offer more than just security. They can analyze inventory levels, detect discrepancies and even monitor employee productivity. These cameras provide valuable insights that help streamline inventory management processes. 

When implementing smart cameras or any new technology, don’t skip the discovery phase. Thoroughly understanding your needs and the specific capabilities of smart cameras is crucial. Evaluate the area within your inventory management that can benefit the most from AI-powered analytics. Conduct site assessments to determine optimal camera placements and ensure comprehensive coverage. Proper communication and handover with all parties involved are essential.

5. Environmental Sensors for Monitoring Storage Conditions

Environmental sensors monitor conditions such as temperature, humidity and light within storage facilities. Maintaining optimal conditions is crucial for perishable goods, pharmaceuticals and sensitive electronics. These sensors ensure inventory is stored in the best possible environment, preventing spoilage and damage.

6. Automated Guided Vehicles (AGVs) for Autonomous Inventory Handling

AGVs are robots that transport goods within warehouses autonomously. They follow predefined paths and use sensors to navigate safely around obstacles. AGVs reduce the need for manual labor, lower operational costs and enhance inventory handling efficiency. 

AGVs have boosted order fulfilment speed by 30% for e-commerce giants like Amazon and Alibaba. This significant improvement in efficiency enables faster order processing and delivery, greatly enhancing customer satisfaction and operational effectiveness.

“The use of AGVs has boosted order fulfilment speed for e-commerce giants like Amazon and Alibaba.” 

7. Wearable Devices for Enhanced Workforce Management

Wearable devices, such as smart gloves and wristbands, provide real-time data on workers’ movements and tasks. They can improve picking accuracy, monitor employee safety and optimize labor allocation. Wearables ensure employees work efficiently and safely, contributing to better inventory management and productivity.

8. Smart Shelves for Real-Time Stock Monitoring

Smart shelves are equipped with sensors that detect the presence and quantity of products. They can send alerts when stock levels are low, ensuring timely restocking and preventing stockouts. This technology enhances inventory accuracy and improves customer satisfaction by maintaining product availability.

9. IoT-Connected Pallets for Smarter Logistics

IoT-connected pallets have sensors that track their location, movement and even the condition of the goods they carry. These smart pallets provide valuable data for optimizing logistics, reducing shipping delays and ensuring the integrity of products during transit.

“IoT-connected pallets come with sensors that track their location, movement and even the condition of the goods they carry.” 

10. Predictive Maintenance Systems for Reducing Downtime

Predictive maintenance systems use IoT sensors to monitor the health of machinery and equipment in real-time. These systems help prevent downtime and maintain smooth warehouse operations by analyzing data and identifying potential issues before they lead to failures.

Harness the Power of IoT for Exceptional Inventory Management

The adoption of IoT devices is transforming inventory control, offering businesses unprecedented levels of cost-efficiency. From RFID tags to predictive maintenance systems, these technologies provide valuable insights and automation that streamline inventory management processes. Embracing IoT can help you ensure better stock management, enhance customer satisfaction and gain a competitive edge in the market.

Implementing these IoT devices can be a game-changer for your business, offering a seamless and highly accurate inventory control system. As technology evolves, staying ahead with the latest innovations will be vital to maintaining a robust and responsive supply chain.

Also Read How Does IoT Improve Efficiency in Business Communication?

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Integrating the IoT into your CRM strategy could allow you to use extensive data for more in-depth customer insights. Here are five steps to help you along that journey.

1. Determine What Data You Need

“While it’s true that more data leads to higher accuracy, too much information can make it hard to hone in on what’s most impactful.” 

The first step in integrating IoT connectivity into CRM is to refine the scope of your data. While the IoT can collect a wide range of information — experts believe IoT devices will generate 79.4 zettabytes of data by 2025 — not all data points are equally valuable. While it’s true that more data leads to higher accuracy, too much information can make it hard to hone in on what is most impactful.

The data you need depends on your CRM goals. The best indicators of CRM return on investment (ROI) include customer churn rates, net promoter scores and conversion rates. By contrast, you should focus on data like foot traffic and in-store heat maps if you are trying to see where to place products for more brick-and-mortar sales.

Once you know the kinds of data to collect, you can determine the ideal IoT applications to invest in. Some may use in-store Bluetooth beacons, while others may benefit more from predictive maintenance sensors in their products.

2. Compare IoT and CRM Platforms

You can compare available solutions after deciding on an IoT use case and general data categories. There are 1,383 CRM providers in the U.S. alone, so it is essential to narrow your options before diving in too deep.

You may already use a CRM, in which you can refine your IoT solution search by looking for options you can integrate in your existing system. Start with choosing a CRM that meets your goals and budget before comparing IoT systems if you do not have one yet.

Your CRM should support your needed data formats, automate collection and reporting, integrate with existing apps and have visualization features that align with your goals. IoT solutions should stay within your budget, use a standard communication protocol and report in a usable data format.

3. Secure Your IoT Data

“IoT endpoints often lack strong built-in protections and can provide an easy way for cybercriminals to jump to more sensitive devices and data.” 

One overlooked but crucial step in IoT integration is ensuring IoT system security. IoT endpoints often lack strong built-in protections and can provide an easy way for cybercriminals to access more sensitive devices and data.

Encryption is one of the most important steps — most IoT data is unencrypted, so requiring multi-factor authentication to access these devices is also crucial. Many IoT endpoints today support these features, but they are usually not on by default, so you must adjust your settings to stay safe.

Use customer reviews to judge a provider’s reputation for security before purchasing IoT devices from them. The government is working on an IoT security labeling program, which will make it easier to identify safe endpoints, but until then, you’ll have to perform this research yourself.

4. Test the Waters Before Expanding

High costs and implementation challenges are also typical among first-time IoT adopters. You can offset these by testing your IoT integration on a small scale before expanding it to other CRM processes.

Initial costs are not necessarily the biggest barrier to effective IoT integration. Instead, 90% of IoT adopters say they struggle to measure these projects’ ROI accurately. Expenses are part of that, but this gap also suggests that people aren’t connecting IoT devices to real business needs and fail to measure their impact.

You can address these challenges by starting your IoT journey where you expect it to have the most significant impact. Determine what data would most benefit your CRM, and use IoT devices to collect this information first. Measure your CRM performance before, during and after connecting it to these IoT systems. Only expand your IoT adoption when you see a positive return and can pinpoint why it helped.

5. Optimize Over Time

“You likely won’t perfect your IoT solution on your first try, and what you need most from your CRM will change over time.” 

The last step in IoT CRM integration is recognizing that this is an ongoing process. You likely will not perfect your IoT solution on your first try and your needs will change over time. Consequently, you must continually adapt and optimize.

You should emerge from the first few stages with key performance indicators (KPIs) relevant to your CRM and IoT goals. Track these same KPIs over your entire project timeline to identify areas for improvement. Review your IoT-integrated CRM at least once annually to see where it has succeeded and where it may need adjustment.

Remember to review your security regularly, too. Security researchers discovered 33,000 new vulnerabilities in 2023 alone, highlighting how quickly the cybersecurity landscape evolves. Always update your IoT devices and anti-malware software to keep up with these changes.

IoT and CRM Work Together to Drive Results

IoT and CRM are a powerful combination. When you use these two tools together, you can uncover detailed insights into your customers and how to meet their changing needs.

Combining CRM and IoT solutions isn’t always easy, but the results are worth it if you do it right. Follow these steps to start your IoT integration journey today.

Also Read How Zero Trust Addresses the Unique Security Risks of IoT Devices

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The Internet of Things (IoT) is crucial here, creating an interconnected ecosystem that blends professional and personal spaces. It includes smart home offices that adapt to individual needs and wearable devices that monitor productivity and well-being. It enables Gen Z to thrive in a work environment that is efficient, secure and tailored to their tech-savvy preferences.

Gen Z’s Remote Work Preferences

You may recognize this generation’s strong emphasis on work-life balance in their career choices. With 55% of Gen Z graduates preferring remote or hybrid work, their comfort with technology underscores a desire for autonomy. They expect innovative and seamless remote work solutions that align with their lifestyles.

The IoT is pivotal in meeting these expectations, offering solutions like smart home offices that adapt to personal preferences and secure, interconnected devices that facilitate smooth communication and productivity. By understanding their needs, you can appreciate how the IoT empowers Gen Z’s unique approach to work.

“ With  60% of Gen Z employees struggling with motivation at work, the desire for flexible, innovative and engaging solutions becomes more crucial. IoT technology provides seamless, secure remote work environments that help boost productivity and align with their tech-forward mindset.”

IoT Technologies Supporting Remote Work

Gen Z’s demand for innovative, flexible and tech-centric workplaces has led to the rapid adoption of IoT technologies. Here’s how it can create efficient home offices, foster seamless collaboration and enhance productivity in remote work settings.

Smart Office Setups

With over 15 billion devices connected to the IoT in 2023, you can see how this vast network transforms home workspaces into efficient productivity hubs. Connected devices like smart speakers, lighting systems and climate controls automatically adjust to user preferences. It creates an environment that enhances focus and productivity.

Advanced scheduling systems can synchronize meetings across different devices, while AI-powered task managers streamline your daily workflow. This interconnected ecosystem of smart devices enables seamless, tailored remote work experiences that align perfectly with Gen Z’s tech-forward expectations.

Wearables

Wearable devices offer a unique way to monitor health, productivity and collaboration while working remotely. Fitness trackers can remind users to move regularly, helping them maintain a healthy balance between work and wellness. Smartwatches sync with calendars to notify wearers of upcoming meetings and track productivity metrics. It also provides valuable insights into work patterns.

Some wearables facilitate seamless communication, like smart earbuds that can translate conversations in real-time or offer voice-activated access to your favourite virtual meeting platforms. With these tools, Gen Z workers can enhance collaboration and stay on top of tasks while prioritizing well-being in a tech-enabled, productive manner.

IoT-enabled Communication Devices

Gen Z is accustomed to instant access to information, people and products, so IoT-enabled communication devices are crucial in promoting seamless interaction. Smart hubs and AI-driven assistants instantly connect Gen ZZ employees with colleagues. It provides real-time access to files, schedules and project updates.

Video conferencing devices with smart cameras and noise cancellation make virtual meetings more efficient and lifelike. It helps workers focus on collaboration without distractions. With IoT tech bridging the virtual and physical communication gap, you can deliver the fast, interactive, connected experience Gen Z expects in a remote work environment.

“ Among 18 to 20-year-olds,  the average household contains three IoT devices reflecting their tech-savvy and connected lifestyle. This network of devices supports their need for instant communication and seamless access to information”

Enhanced Productivity and Collaboration

IoT devices streamline communication and collaboration by offering seamless connectivity through smart hubs, virtual assistants and integrated platforms. You can quickly share files, schedule meetings and receive reminders across various devices without missing a beat. These tools enable productivity gains, allowing real-time data sharing, reducing miscommunication and automating routine tasks.

IoT tech strengthens remote workers’ team management by giving managers access to productivity insights and collaboration analytics. It helps them tailor their approach to each team member’s strengths and needs. It fosters a more cohesive, transparent and efficient work environment that enhances team performance.

“ In North America and Europe, 57% of organizations use IoT technology to streamline processes and increase efficiency. These businesses leverage connected devices to automate workflows, improve data sharing and monitor productivity.”

Security Implications and Data Privacy Concerns

In a recent study, 33% of IoT users expressed concern about potential attacks on IoT devices affecting critical operations. As you navigate remote work, these security challenges include unauthorized access, data breaches and malware attacks that can compromise productivity.

However, workers can safeguard their IoT-enabled home office with encryption to protect data, multifactor authentication for secure logins and network segmentation to keep sensitive information isolated.

It’s also crucial to update device firmware regularly, change default passwords and use secure network connections like VPNs. Following these best practices ensures employees’ IoT devices remain a safe and productive part of the remote work environment.

Harnessing IoT for a Productive Remote Workforce

Organizations must harness IoT tech to create a flexible and secure remote workforce. Leveraging connected devices to streamline communication and collaboration while enhancing security protocols can meet the tech-forward expectations of Gen Z and beyond.

Also Read How Does IoT Improve Efficiency in Business Communication?

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IoT is shaping companies’ strategies and formulating communication efficiencies to benefit you in numerous ways. Here is how to incorporate it into your business model.

What Is an IoT Device?

IoT devices connect to the internet and share information with other devices and people. Businesses use these technologies to relay information to each other and send data for improved decision-making. They also make humans’ lives easier. For instance, you may have used a smartwatch to track your workouts or used your smartphone to control your home’s temperature. 

These IoT-based smart devices enable businesses to operate more efficiently. For example, a store might use a smart security camera to indicate when customers enter the store and alert staff to open another register. A factory might also use machine sensors to tell when parts require maintenance or a replacement.

“Experts predict the number of smart devices will grow from 15.1 billion in 2020 to 29 billion by 2030.” 

Businesses with IoT devices work smarter, not harder. Experts predict the number of smart devices will grow from 15.1 billion in 2020 to 29 billion by 2030. When companies invest in smart devices, they save time and money operating more sustainably.

How IoT Devices Work

IoT devices work similarly to sending a text message via a network connection. They have sensors and software for collecting data from their surroundings, such as temperature, movement or even how much food you have left in your fridge. They then transmit the information over the internet to other devices or people who need it. This helps businesses understand what is happening so they can make the next move.

“Approximately 95% of the data they send across the internet is unencrypted.” 

While these smart devices benefit businesses in the information they share, their security does contain vulnerabilities. Approximately 95% of the data sent across the internet is unencrypted. This makes it easy for hackers to intercept and steal information for personal gain.

Luckily, IT professionals know how vulnerable these devices can be for companies, so they add strong security features for protection. Although this may require more hardware and complex software investments, it can keep customer and company data safe while preventing hefty financial losses.

How IoT Devices Help Businesses Communicate More Efficiently

Despite some challenges related to IoT devices, businesses benefit strongly from this technology for communication efficiency in the following four ways.

1. Real-Time Data Access and Sharing

Imagine knowing what is happening in your business at any moment, such as which products are flying off the shelves. IoT devices act as the eyes and ears of a company, collecting information from their environment and sending it directly to the cloud. 

This helps companies reduce guesswork and allows everyone access to the same information. Company leaders can prioritize strategies more quickly while everyone remains on the same page.

2. Automation and Workflow Optimization

IoT devices can streamline routine, time-consuming tasks. Through their ability to monitor environmental conditions, they can adjust equipment automatically. This allows more time to focus on critical tasks — such as collaboration and smoother operations — requiring human insight and creativity.

Moreover, IoT optimizes workflows by identifying bottlenecks within a company’s system. With data collected from various stages of a production line, businesses can pinpoint where delays occur and why. As a result, companies may adjust their processes accordingly, ensuring the information and materials flow well. While this speeds up production, it improves departmental communications by addressing problems before they cause wider disruptions.

3. Predictive Maintenance and Downtime Reduction

One of the most impactful ways IoT devices enhance business communication efficiency is through predictive maintenance and downtime reduction. This is because IoT devices are constantly monitoring equipment conditions and performance.

“According to an IBM survey, unplanned downtimes cost businesses 35% more per minute in productivity and revenue than planned downtime.” 

As such, warehouse and manufacturing employees can anticipate equipment failure and schedule maintenance before an expensive breakdown occurs. According to an IBM survey, unplanned downtimes cost businesses 35% more per minute in productivity and revenue than planned downtime. Adopting IoT for these purposes enhances operations, ensuring communication channels stay open while saving money. 

This works by attaching IoT sensors to machinery to collect data on various parameters, including temperature, vibration and noise levels. Advanced algorithms analyze this data to identify patterns indicating potential problems or upcoming failures.

4. Enhanced Customer Communication

With real-time data, businesses can use IoT to connect with customers through efficient, personalized interactions. For instance, smart devices give customers up-to-the-minute information about their orders, reducing the need to call customer service for updates, streamlining communication and improving satisfaction.

Furthermore, IoT enables proactive service delivery. When the technology monitors product performance, companies can identify issues for the customer. One example is a car manufacturer alerting a vehicle owner when it’s time to schedule maintenance. Customers trust this type of communication because of the business’s commitment to safety and well-being.

Achieving Greater Efficiency in Business Communication

IoT devices are changing how businesses communicate through real-time data, predictive maintenance and more. As companies integrate IoT into their strategies, they unlock growth and stronger customer connections. By leveraging IoT’s potential, you can stay competitive and responsive in a rapidly evolving marketplace.

Also Read, The Role of IoT In Advancing Circular Economy Models

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In this landscape, the Internet of Things (IoT) emerges as a transformative force, offering the tools to advance circular economy models. Through its network of interconnected devices that monitor and analyze data in real time, it enhances resource management, optimizes product life cycles and fosters efficient, sustainable practices.

What Is the IoT and Circular Economies?

The IoT is a sophisticated network of interconnected devices and sensors that communicate over the internet to collect, exchange, and analyze data in real time. Its components include devices for data collection, connectivity hardware to facilitate communication, platforms for data processing, and applications to interpret and utilize the information. The technology enhances connectivity and data-gathering capabilities, enabling precise monitoring and management.

In 2021, industries produced 23% of the U.S.’s greenhouse gas emissions, highlighting the urgent need for more sustainable practices. A circular economy model addresses this by emphasizing the reduction of waste, reuse of resources and recycling of materials, aiming to create a sustainable loop that minimizes environmental impact and supports economic growth.

The Intersection of the IoT and Circular Economy

IoT technology significantly enhances circular resource management and waste reduction by providing real-time data and analytics, allowing meticulous monitoring and optimization of processes. For instance, in waste management, IoT-enabled devices can track trash levels in bins and containers. It enables companies to optimize collection routes and schedules, reducing unnecessary pickups and lowering fuel consumption.

It makes waste collection more efficient and contributes to a decrease in overall carbon emissions. Further, IoT applications extend into tracking product life cycles, where sensors can monitor the condition and usage of products.

Combining the IoT and circular economies facilitates timely maintenance, predicts end of life, and ensures stakeholders recycle or reuse products appropriately. This level of monitoring helps companies reduce overproduction, manage inventory more effectively and design products that are easier to recycle or refurbish. It also optimizes resource use and supports a more sustainable business model.

“A circular economy model addresses [sustainable practices] by emphasizing the reduction of waste, reuse of resources and recycling of materials, aiming to create a sustainable loop that minimizes environmental impact and supports economic growth.” 

Advancing Circular Economy Through the IoT

Integrating the IoT with circular economy practices is pivotal for sustainable development and environmental conservation. Businesses can revolutionize resource management, waste reduction, and product lifecycle optimization by harnessing the IoT’s vast real-time monitoring and data analysis capabilities.

Resource Optimization

IoT devices monitor and optimize the use of resources in real time, reducing waste and enhancing efficiency. These devices have sensors that collect data on resource usage, condition and availability, allowing the precise adjustment of production processes, energy consumption and material use. This real-time data analysis ensures businesses utilize resources optimally, minimizing excess and significantly reducing waste generation.

Additionally, the concept of digital twins — virtual replicas of physical systems — further amplifies these benefits. By leveraging these digital counterparts, industries can employ AI-driven designs to simulate and test how products perform under various conditions, leading to innovations that are more sustainable and faster to market.

Product Life Cycle Extension

IoT technology extends product life cycles and reduces environmental impact through its support for enhanced product maintenance, timely updates, and efficient recycling processes. Manufacturers can receive real-time product performance and condition data by embedding IoT sensors.

It predicts maintenance and identifies and addresses potential issues before they escalate into significant problems, prolonging product life. Moreover, the IoT enables over-the-air updates for software, ensuring products remain up-to-date with the latest features and security patches without needing physical modifications or replacements. This extends the usability and relevance of products, and reduces waste associated with discarding outdated equipment.

“[The IoT] predicts maintenance and identifies and addresses potential issues before they escalate into significant problems, prolonging product life.” 

Supply Chain Transparency

The IoT brings unparalleled transparency to supply chains, contributing to sustainable sourcing and reducing carbon footprints. By equipping products and materials with IoT sensors, companies can gain real-time visibility into their entire supply chain, from raw material extraction to end-product delivery.

This visibility allows businesses to monitor the environmental impact of their operations, identify inefficiencies and ensure compliance with sustainable practices at every step. For instance, IoT data can reveal the carbon footprint of transporting materials, enabling companies to optimize routes and reduce emissions.

Further, it ensures sourcing practices meet sustainability standards, as this data can precisely track the origin and handling of material. For example, one company committed to assessing and rating its suppliers to reduce unintentional pollution, alongside meeting its Scope 1 and 2 decarbonization targets.

By leveraging IoT technologies, they can more effectively monitor and manage their energy use across global operations, streamline their processes and significantly lower their environmental impact. It demonstrates a strong commitment to sustainability and responsible corporate practice.

Challenges and Solutions

Integrating the IoT with circular economy models brings challenges such as data privacy concerns and the digital divide to the forefront. With over 422 million Americans affected by data breaches in 2022, robust data security measures are imperative.

These measures — including advanced encryption, regular security updates and strict access controls — are essential to safeguard the vast amounts of data from IoT devices. Alongside this, the digital divide complicates equitable implementation of circular economy initiatives.

Addressing this requires implementing state-of-the-art security solutions to protect data privacy and concerted efforts to bridge technology gaps. Initiatives aimed at expanding internet access, making IoT devices more affordable and providing digital literacy programs are vital to ensuring the widespread adoption and success of the IoT in advancing sustainable, circular economy practices.

“[Security] measures — including advanced encryption, regular security updates and strict access controls — are essential to safeguard the vast amounts of data from IoT devices.” 

Embracing the IoT for a Greener Tomorrow

Leveraging IoT solutions represents a forward-thinking approach for businesses and individuals, paving the way for a sustainable future. By integrating IoT technologies, companies can optimize operations, reduce waste and contribute to environmental conservation.

IoT-enabled devices encourage more informed decisions, reducing carbon footprints and supporting sustainable living. Together, people can drive meaningful change, ensuring a healthier planet for future generations.

Also Read How Zero Trust Addresses the Unique Security Risks of IoT Devices

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What is Edge Computing in IoT?

Edge computing means handling and studying data nearer its source instead of sending it to a center like a data center or the cloud. This method cuts down on how long it takes for data to be sent and the amount of bandwidth needed, making things happen quicker. 

“Edge computing is like the “brain” of IoT devices. It lets them make quick decisions and do things without needing a big main computer.” 

The Role of Edge Computing in IoT

Edge computing is very important for the successful use and acceptance of IoT technology. As more gadgets link up and produce loads of data, old-style cloud computing is not good at dealing with the huge amount and speed of this information. Here is where edge computing, also called fog computing, helps.

Edge computing has the power to handle and study data near where it comes from. This means the information is dealt with and saved on tools found at a network’s edge, not sent to one central place like in data centers or the cloud. By doing this, edge computing lowers the time and space needed to transmit data. This makes processing quicker and answers come faster. This is very important in jobs where fast data checking and making decisions are needed, like health care, moving stuff around, or building things.

In the realm of iot development, edge computing plays a crucial role in enhancing the performance and efficiency of IoT devices, ensuring faster processing and better connectivity even in challenging network conditions.

Edge computing deals with the huge amount of data being made. In normal cloud computing, the more devices that connect, the higher is needed for power and internet speed. This can make things go slower and cost more. Edge computing benefits puts power in many devices, making it easier to grow and save money. 

“Edge computing makes IoT devices work better, even in places with bad or no internet connections.” 

Edge computing helps with keeping data safe. When many devices make and send data, there is always a chance of security breaches. Edge computing keeps important data safe. It stores and processes it near where the info comes from, lowering the chances of people getting to your stuff without permission. This makes sure data is safe and also helps fight rules problems that can happen when sending information to a cloud computer.

Edge computing also provides a fix for problems with network breakdowns and interruptions. In simple cloud computing, if the network stops working, so do linked devices and their power to handle data. But, edge computing is spread out. So, if one machine fails, the other ones can keep going and still deal with data quickly in real-time, even without that device working. This makes sure that IoT devices keep working all the time, which is very important in industries where every second matters, like healthcare and making things.

In the business and factory sectors, smart sensors can monitor how much energy is used. They also identify areas where energy use is not optimized. This enables more effective energy management, leading to tangible outcomes. Such enhancements can help businesses increase revenue, reduce operational costs, save money, and minimize environmental impact.

IoT Challenges to Solve with Edge Computing

Edge computing has benefits that help with big problems in using and accepting IoT technology. One of the biggest problems is getting bigger. In regular cloud computing, when more devices connect, the need for computer power and network speed also increases. This can make things take longer and cost more money. However, edge computing lets many devices share the power to compute. This makes it easier and cheaper to grow larger.

Edge computing makes IoT things work better. It lets them keep working nicely even without much or no internet connection. This allows us to quickly work with and analyze data in real-time. It’s very important for businesses like healthcare and transportation, and it makes things where every second matters a lot. Edge computing also decreases the chance of network problems and shutdowns. This helps IoT devices keep working all the time.

Enhancing Energy Efficiency with IoT-Driven Energy Management

Joining IoT and edge computing can also help to save energy for businesses and people. One place where we can see this is with handling energy. As energy costs go up and worries about climate change grow, we need to use more efficient and lasting power in a better way. Energy management systems that use the Internet of Things and edge computing can watch and make energy usage better in real-time.

For example, gadgets in smart homes can talk to each other using sensors and edge tools. They change how much energy they use when needed based on real-time details. This not only saves energy but also leads to big money savings for people who own houses. In the business world, IoT sensors and edge devices in iot can keep track of how much energy is used. They find places where things aren’t working well with power use. This leads to better management of energy in these areas – for example, offering more targeted solutions instead of general ones that may not work as quickly or cost-effectively.

Conclusion

In conclusion, edge computing is what makes IoT work well and be useful. Edge computing brings together computer power and data handling with internet connections to make quick decisions. It also helps save energy while doing things smoothly and quickly. As more businesses and people use IoT technology, the role of edge computing will grow very important for getting efficient and fast responses in their actions.

Also Read  How Zero Trust Addresses the Unique Security Risks of IoT Devices

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Understanding Zero Trust

Zero trust is an emerging security stance that assumes users and devices can be sources of malicious attacks. The proactive defense approach prompts the system to authenticate the intent of both elements in a secure network regardless of location, ownership and other factors.

Organizations adopting a zero-trust architecture are less prone to various cyberattacks and enjoy a more secure network. The stringent authentication, authorization and monitoring processes allow system administrators to track and spot suspicious user and device activity within a network. 

Common Security Risks With IoT Devices

“The increasing number of Internet of Things (IoT) devices makes everyday life easier and more convenient.” 

IoT devices are built to meet user demands with ease and convenience. This unique configuration enables users to issue commands to a string of connected devices seamlessly and effortlessly. However, the characteristics that make these devices convenient also pose unique security challenges.

Here are several security risks associated with IoT devices:

• Weak default passwords: IoT devices often use weak default passwords to make them easy to set up at every user level. Users tend to keep rather than change them to something more secure, leaving the items susceptible to unauthorized access by malicious third parties. 
• Lack of security features: Manufacturers often do away with stringent authentication processes and other security measures to make IoT devices work seamlessly. Hackers can take advantage of this oversight to access networks freely and easily.
• Firmware vulnerabilities: Like many other gadgets, IoT devices depend on firmware to function correctly. Some manufacturers overlook fixing existing vulnerabilities like bugs and glitches in the system. These weak spots make enticing entry points for hackers who want to access networks and valuable data. 
• Interconnectivity: One of the main selling points of IoT devices is their interconnectivity. Gadgets communicating with one another make everyday tasks easier and more efficient. However, it can also lead to security issues since bad actors can compromise one device and gain access to others in the same network without security measures.
• Data privacy issues: IoT devices collect and analyze data constantly and in real time, making them a treasure trove of sensitive information valuable to cybercriminals. These items can cause breaches and misuse of sensitive information if unprotected.
• Lack of constant security updates: Unlike mobile phones, computers and laptops with scheduled automated security updates, users must manually update their IoT devices to keep them working flawlessly. Some forget to do this and unconsciously expose themselves to cyberattacks.

Zero-Trust Applications for IoT Devices

“Developers, designers and engineers should view this new cybersecurity approach as a wise addition to secure the constantly evolving ecosystem of IoT devices.” 

Zero-trust security measures can help users protect themselves, their data and their devices from unauthorized access. Developers, designers and engineers should view this new cybersecurity approach as a wise addition to secure the constantly evolving ecosystem of IoT devices. Here are several ways you can use zero trust to mitigate security risks.

Strict Access Control

Adopting a zero-trust approach enables administrators to limit hackers’ lateral movement within a network by ensuring users and devices only gain access to their original destinations — no more, no less.

You can use strict access control to significantly reduce the chances of unauthorized entry into secure networks where critical resources like personal databases and other sensitive information are stored. 

Immediate Authentication

Zero-trust automatically requires users and devices to undergo a stringent authentication process to verify their identity and integrity. Some systems go beyond requesting credentials to provide access and add multifactor authentication (MFA) to the protocol.

The added layer of security ensures the system only accepts authorized users and devices to reduce the risk of cyberattacks from malicious third parties. Adopting a zero-trust architecture in your organization helps make penetration extremely difficult for cybercriminals to discourage future attacks.

Close Monitoring

Aside from restricting access and adopting a multilayer defense system, administrators can also closely monitor user and device activity. This lets your security teams identify possible threats in real time to prevent hackers from moving in on critical areas in a secure network.

Cybersecurity professionals can quickly react to ongoing threats by analyzing user activity and comparing them with the latest attack patterns according to threat intelligence and research. Administrators can also look for erratic behavior and unusual login attempts and flag them for investigation.

Network Segmentation

“Adopting a zero-trust defense posture can help companies shield their users and systems from data breaches and malicious attacks.” 

Network segmentation works by cordoning different network sections into smaller, isolated systems. This zero-trust approach limits bad actors’ movements within a network. It also prevents them from compromising other segments in case of an attack.

This approach allows administrators in your organization to remove an affected device from the network, preventing malicious code from spreading to other devices. Segmentation or segregation significantly improves the cybersecurity resiliency of systems by making damage control more manageable.

Data Encryption and Protection

Another way zero trust protects systems, users and private data from malicious attacks is by encrypting the data transmitted between IoT devices. Data encryption renders intercepted information useless to cybercriminals without the decryption key.

Private data and other sensitive information are valuable resources in the digital world. Criminals always seek ways to steal and sell them to the highest bidder. Improved security measures like zero trust prevent them from accessing and using valuable data for personal gain.

Using Zero Trust to Improve IoT Security

Criminals are getting craftier with the help of new technologies. Organizations must invest in newer, smarter cybersecurity solutions to prevent valuable data from falling into the wrong hands. Adopting a zero-trust defense posture can help your company shield its users and systems from breaches and malicious attacks.

Also Read 6 Ways the IoT is Revolutionizing the Banking and Investment Sector

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Automated Grid Monitoring

“The top benefit of integrating IoT in the power grid is automated monitoring. IoT sensor data is invaluable for tracking power grids’ mechanical and structural health.” 

Connected sensors allow utility companies to monitor their infrastructure in real-time, as well. So personnel can respond immediately if there is an outage or maintenance issue. 

Automated monitoring results in lower labor costs and less time spent on unnecessary inspections. It can allow utility companies to operate with smaller teams and use resources more efficiently. Continuous automated monitoring even improves safety by giving utility companies constant visibility of their entire grid. Utility personnel will know immediately if there is a surge, outage or other dangerous maintenance issue. 

Demand-Responsive Power Distribution

One exciting benefit of automated grid monitoring is the potential for demand-responsive power distribution. IoT allows utility companies to view real-time demand levels across the grid. So, they can adjust power distribution to divert electricity where it is needed most, which improves energy efficiency. 

This also means utility companies can create more accurate demand-based pricing models. For example, electricity prices might be higher in a neighborhood of large homes that constantly require large amounts of power. Meanwhile, a small home in a rural area could benefit from more affordable rates due to lower demand for electricity. 

Similarly, utility companies can reduce the frequency of surge pricing by expanding grid infrastructure where it is needed most. IoT data provides an accurate, detailed view of how and where people are using power throughout the grid. With this data, utility companies can make data-based decisions about infrastructure expansion. 

Predictive Maintenance

Automated, real-time grid monitoring opens the door for more cost-effective maintenance processes. IoT devices are the core of predictive maintenance, which uses data to determine when equipment needs repairs before a breakdown happens. It can save thousands of dollars and countless hours compared to reactive maintenance. 

IoT sensors can continuously monitor critical equipment in the grid and alert repair personnel if performance issues appear. Predictive maintenance often catches developing problems long before they cause breakdowns. As a result, predictive maintenance is transformative for preventing outages and downtime in smart grids. 

Predictive maintenance can even extend the life span of electrical equipment. Many pieces of equipment, especially transformers, are in short supply and high demand today. Used, refurbished or reconditioned transformers can help meet demand while saving money for utility companies and consumers. However, some utility companies may worry that used equipment isn’t as durable or reliable as new equipment. 

IoT-powered predictive maintenance can resolve those concerns. It ensures that all equipment in the grid, new and old, receives the best maintenance possible. As a result, utility companies can maximize the value of their infrastructure and take advantage of cost-effective used equipment options. 

Improved Cybersecurity

Utility infrastructure has become a prime target for hackers over recent years. As power grids integrate more technology, they require increasingly advanced security protocols to prevent cyberattacks. Hackers know that if power infrastructure goes offline, even for a short period, it can cause large-scale damage. As a result, utility companies may be more likely to pay off ransomware hackers to get their systems back online. 

The 2021 Colonial Pipeline cyberattack is a perfect example. Hackers used a compromised password to access Colonial’s systems through an outdated VPN service. From there, they launched a devastating ransomware attack that temporarily shut down the entire Colonial Pipeline system. 

Colonial ended up paying the $5 million ransom the hackers demanded. With the help of the FBI, Colonial eventually recovered about $2.3 million of the cryptocurrency payment. Unfortunately, significant damage was already done. 

Utility companies can protect themselves from this kind of situation. IoT devices can improve cybersecurity by increasing visibility. Hackers often leverage poor awareness to use low-traffic corners of a network to gain access. They are betting on the likelihood they will go unnoticed. Utility companies can use IoT to implement continuous 24/7 monitoring to instantly detect any unusual activity throughout their network. 

It’s important to note that IoT devices themselves require cybersecurity protections. IoT is ideal for monitoring interactions with physical hardware and works well in conjunction with AI network monitoring on the software side of things. Utility companies can combine the two to maximize grid visibility. 

Support for Digital Twin Optimization

“IoT devices are fantastic tools for building up datasets on grid performance.” 

Utility companies can use this data to build highly accurate digital twins of their grid infrastructure and distribution systems. A digital twin is invaluable for optimizing electrical grid performance and energy efficiency.

Utility companies can use the realistic simulated environment to test new strategies or systems without disrupting the real-world grid. As a result, they can build safer, smarter, more reliable power grids in a cost-effective manner. 

Creating More Resilient Power Grids With IoT

IoT technology is a powerful tool for optimizing and securing electrical grid infrastructure. Utility companies can leverage IoT to increase visibility, optimize power distribution, improve security and more. With the help of IoT, next-gen power grids will be smarter, safer and better prepared for whatever comes their way. 

Also Read How Can AI and IoT Contribute to the Development of Sustainable Smarter Cities in the Future?

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Is the IoT the Future of Banking and Investment?

The IoT has experienced enormous growth in recent years. Experts predict the world will reach a staggering 29.5 billion connected devices by 2030, up from around 15.15 billion in 2023. Considering how useful it is, its rise comes as no surprise to many.

The banking and investment sector is capitalizing on its growth to revolutionize the industry. It needs to be able to react with speed and precision if it’s going to remain successful in modern times, so it needs to invest in powerful technology. Since IoT has those features, it could be the industry’s future.

“The world will reach a staggering 29.5 billion connected devices by 2030.” 

How the IoT Is Growing in Investment Banking

This tool is a common choice for companies investing in modern machinery. In fact, the IoT is among the top driving forces in the growth of financial technology. It allows for remote interaction and provides data-driven insights. Plus, it’s very affordable.

Experts project IoT technology will have an impressive compound annual growth rate of 18.58% in the investment banking industry from 2023 to 2028. Since more companies are using it, they’re discovering more specific applications and benefits.

“The IoT is among the top driving forces in the growth of financial technology.” 

The  IoT in the Investment Banking Sector: 6 Examples

The IoT gives this industry new ways to approach lending, asset management and financial advising. Here are the main ways this technology is breaking boundaries in investment banking.

• Asset Protection

While the industry often deals with digital investments, some are physical. Previously, many large businesses didn’t have enough resources to monitor each one constantly. However, the IoT enhances asset protection with security improvements. It can collect remote, real-time data, meaning organizations can react to situations even when far away.

IoT sensors are also revolutionary. You can easily monitor multiple objects or an entire room with them. For example, you could place sensors on company-owned real estate to track temperature, pressure, humidity, light and sound. Since this technology has a constant internet connection, you’d get an alert immediately if something unusual happened.

“Being able to potentially predict the future and immediately react to new developments are revolutionary abilities in the financial sector.” 

• Data Analytics

Since the IoT can collect all sorts of information, the investment banking sector can use it to improve their data analytics. For example, sensors can track an asset’s condition, while devices can log user behavior. Both processes happen in real time because of the technology’s constant internet connection.

Investment bankers would have a much easier time making financial decisions if they had plenty of user and market data. They can better advise their clients once they build a large enough collection. Being able to predict the potential future and immediately react to new developments are revolutionary abilities in the financial sector.

• Fraud Prevention

Fraud losses increased by over 30% from 2020 to 2021. Fortunately, an IoT device is changing the game in two ways. The first involves data collection, where it collects information on client behavior. If investment bankers see unusual activity during a review, it gives them insight and the opportunity to investigate.

In the second method, the company uses the IoT for client transactions. They can decide the operational parameters, requiring people to use biometrics or voice verification before their payments process. You could even set it up to receive alerts whenever money changes hands to minimize the risk of fraud.

• Risk Management 

Improving risk management is among the top ways the IoT revolutionizes investment banking. Investors aren’t blind to risk, but it can be challenging to predict trends without technology. It helps them be sure of their choices, dramatically improving their chances of success.

Imagine if an investor paid $42 per share only to resell at $36 because they overvalued a client. Unfortunately, this kind of scenario is common. However, the introduction of the IoT changes things. It can enhance their data collection processes and provide real-time market insight, vastly improving their risk management strategy.

• Cybersecurity

Globally, the financial sector experienced over 1,800 cybersecurity incidents and 477 data breaches in 2022 alone. Since it is among the most likely industries to be targeted by cyber attacks, they need to protect their clients and — by extension — their investments.

Fortunately, the IoT can improve cybersecurity similarly to how it enhances fraud prevention. If investment banking companies require their connected payment portal app to verify someone’s face, voice or fingerprints, it prevents hackers from stealing money remotely.

• Debt Prevention

Sometimes, the risk of doing business is more significant than you first thought. When investments go sideways and the client can no longer pay, organizations usually have to give up on seeing returns. Luckily, one of the most promising ways the IoT revolutionizes the sector is through debt prevention and collection.

Investment bankers can use the data collection capabilities of the IoT to build a profile for each client. It can give them crucial insight into how risky an individual is financially. They can also remotely communicate whenever payments fall behind, maximizing the chances for debt prevention.

The Innovative Power of IoT

IoT devices can track an asset’s condition, enhance remote interactions and collect crucial data on clients and trends. It should be no surprise how revolutionary it is in the banking and investment sector.

Also Read How Can AI and IoT Contribute to the Development of Sustainable Smarter Cities in the Future?

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